Czech Republic's GDP growth slows to 4.5% in second quarter

PolyaLesova

NEW YORK (MarketWatch) -- Economic growth in the Czech Republic slowed to 4.5% year-on-year in the second quarter, down from a revised GDP growth of 5.1% in the first quarter of the year, the Czech statistical office reported Thursday. The number was below market expectations for growth of 5% year-on-year. "Domestic demand, in particular, is dragging down growth," said Lars Christensen, chief analyst at Denmark's Danske Bank. He expects Czech GDP growth to be well below 4% in the second half of the year. "Today's numbers should reinforce Czech central bank confidence that its recent rate cut was the right thing to do and should open the door to further rate cuts if the Czech koruna rebounds, though the koruna has weakened somewhat on the back of today's data," Christensen said. The koruna fell 1.6% against the euro and 1.8% against the U.S. dollar.

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